The banking sector across the GCC has demonstrated formidable growth and profitability, with Qatar leading in several key performance indicators, say KPMG, Fitch reports.
Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as GDP, fiscal revenue and the balance of payments, over the long term against the backdrop of the global energy transition, says Fitch Ratings. Uncertainty around potential outcomes remains high at...
‘Diverse economic needs boost global sukuk market’
"Rising rates negatively impact global issuances of sukuk, thereby affecting the global sukuk market. This reduces the appetite of global investors for entering emerging markets and raises concerns about growth rates when interest rates increase. For issuers, some are often compelled to adapt to high rates due to existing obligations,"...MENA faces economic turbulence due to Gaza conflict
The Israel-Hamas conflict not only threatens regional stability but also poses significant economic challenges for MENA nations, says Fitch Ratings.
UAE holds 19% of global sustainable bonds, says Fitch Ratings
DUBAI, UAE - Fitch Ratings has affirmed the critical role that COP28 will play in raising awareness of sustainability issues in the region and steering investment and financial requirements towards a more environmentally responsible approach. Bashar Al-Natoor, Global Head of Islamic Finance and Managing Director at Fitch Ratings, expressed optimism...Fitch maintains ‘A+’ rating of Saudi Arabia’s PIF, outlook stable
Riyadh, Saudi Arabia - Global credit agency Fitch Ratings has reaffirmed Saudi Arabia’s Public Investment Fund's (PIF) long-term foreign- and local-currency issuer default ratings at "A+" with a stable outlook. In its assessment, Fitch highlighted the PIF’s robust financial autonomy and its critical role in bolstering Saudi Arabia’s non-oil gross...
Fitch credit downgrade upsets US Treasury Secretary, shakes markets
Markets slid on Thursday as traders shifted to safer assets after Fitch downgraded the United States' credit rating from AAA to AA+. The decision sparked a strong rebuttal from Washington and confused analysts. Despite recent rallies on hopes of a "soft landing" for the US economy and in-line job data,...
Global outstanding sukuk cross $800bn for first time: Fitch Ratings
Sovereigns were the key issuers. Fitch said the pricing of most sukuk and comparable bonds continued to be similar and highly correlated in the first half of 2023. This trend is likely to persist.GCC power and water projects benefit from lower risks, government support: Report
LONDON —Strategically important power and water projects controlled by GCC governments or government-related entities (GRE), are benefitting from the support and lower risks, according to the latest report by Fitch Ratings. GCC governments typically play multiple roles in power and water desalination projects, often controlling project companies with minority stakes...Availability of government sukuks boosts investment options for Islamic banks: Fitch
Doha, Qatar--The increasing availability of government sukuk and Islamic liquidity management tools by the Qatar Central Bank supports liquidity management and investment options for Islamic banks, according to a report from Fitch Ratings. In a report issued today, it indicated that its review of its future expectations for three Qatari...
Fitch says outlook on Moroccan banks’ operating environment stable
Fitch Ratings has upgraded to AA(mar)/Stable the rating of Morocco’s Attijariwafa Bank (AWB), one of the five Moroccan banks whose peer review was recently completed by the ratings agency and which account for approximately 77 percent of Morocco's banking system assets. AWB’s rating reflects the bank's extended record of resilient...
Citing inflation, Fitch downgrades Turkey to ‘B+’
Fitch Ratings on Friday downgraded Turkey's debt from BB- to B+ with a negative outlook, citing high inflation and a lack of confidence in policymakers to turn the tide. The downgrade comes after data released earlier in the month showed inflation hitting a two-decade record of nearly 50 percent in...Fitch downgrades Kuwait to “AA-“, with stable outlook
The downgrade reflects ongoing political constraints on decision-making that hinder addressing structural challenges related to heavy oil dependence.
Assets under GCC SWFs grow 10% to US$2.77trn
The SWFs of Abu Dhabi, Kuwait and Qatar have underpinned the resilience of their sovereign ratings despite lower oil prices and COVID-19 shock.
Bank ABC and FAB arrange a $250-million 2-year Syndicated Term Loan Facility for BankDhofar
Bank ABC and FAB acted as joint coordinators, underwriters, initial mandated lead arrangers and book runners for a facility to BankDhofar It is a $250-million two-year Syndicated Term Loan Facility for Oman’s second-largest lender Oman’s second-largest lender BankDhofar has been extended a $250 milliontwo-year Syndicated Term Loan Facility by a...
S&P assigns ‘AA-’ issuer rating to Emirates Development Bank with ‘stable’ outlook
EDB has also been assigned a “gcAAA” long-term GCC regional-scale rating
ADX lists US$1 billion bonds issued by Abu Dhabi Ports
The 10-year bonds, with a primary listing on the London Stock Exchange, rated A+ (stable) by both S&P and Fitch Bond issuance attracted strong global interest, says CEO Abu Dhabi Ports Abu Dhabi Securities Exchange (ADX) on Thursday announced that it has listed US$1 billion of bonds issued by Abu...Central bank digital currencies may disrupt financial systems
*Fitch Ratings says associated risks need to be managed well if CBDCs are to stay beneficial *Potential for cybersecurity threats could increase as touchpoints proliferate The broader adoption of general-purpose central bank digital currencies (CBDCs) will present authorities with trade-offs between the associated risks and benefits, according to Fitch Ratings....
